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Canada’s main stock index posts biggest gains in 3 years

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Canada’s main stock index posted its strongest four-day gain in three years Wednesday as it was propelled by a large increase in the price of crude oil and the Bank of Canada’s latest rate announcement.

The Toronto Stock Exchange continued its rebound from a dreadful autumn and tough December helped by positive news about the trade dispute between China and the U.S. and minutes from the Federal Reserve confirming its patience about raising interest rates, says Anish Chopra, managing director with Portfolio Management Corp.

“A fantastic four-day stretch,” he said in an interview.

The S&P/TSX composite index closed up 199.58 points to 14,804.73 in a broad-based rally that saw all sectors rise. It was the third day of triple-digit gains so far this year and the best four-consecutive day performance since January 2016.

‘A lot more optimism’

“There seems to be a lot more optimism about a U.S.-China trade deal and when it comes to Federal Reserve interest rate hikes it appears to be that they’ll take a pause,” Chopra said referring to minutes released from the central bank and recent comments from several bank governors.

The cannabis-heavy health care sector rose by 6.25 per cent as Canopy Growth Corp. surged 13.3 per cent, while Aurora Cannabis Inc. and Aphria Inc. gained 7.3 and 6.2 per cent respectively.

The key energy sector followed, with financials, industrials and materials also rising.

Financial and energy stocks were the biggest gainers on the day led by Sun Life Financial Inc., Royal Bank of Canada, Manulife Financial and Suncor Energy Inc. Meanwhile, BCE Inc. and Nutrien Ltd. lost ground while Imperial Oil and TransCanada Corp. posted small gains.

The energy sector was helped again by crude oil prices, which rose on Saudi Arabia’s energy minister reassuring that its oil production and exports are falling sharply. West Texas Intermediate prices are up 23 per cent from its December low.

The February crude contract was up $2.58 US at $52.36 per barrel Wednesday and the February natural gas contract was up 1.7 cents at US$2.98 per mmBTU.

Interest rate held

Canada’s financial sector was helped by the Bank of Canada’s decision to hold its key rate at 1.75 per cent while the economy absorbs softness from a 44 per cent drop in oil prices from its October peak.

“The banks tend to be a play on Canadian GDP growth and with the Bank of Canada having a supportive stance to keep the Canadian economy running smoothly that’s certainly positive for the banks,” said Chopra.

In New York, the Dow Jones industrial average gained 91.67 points at 23,879.12. The S&P 500 index was up 10.55 points at 2,584.96, while the Nasdaq composite was up 60.08 points at 6,957.08.

The Canadian dollar traded at an average of 75.64 cents US compared with an average of 75.23 cents on Tuesday.

The February gold contract was up $6.10 at $1,292 an ounce and the March copper contract was up 0.1 of a cent at US$2.66 a pound.

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A Look at TACT-Designed Interiors in Graywood’s Scout Condos

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Just west of the construction site for Scoop Condos on St. Clair Avenue West at Old Weston Road, Graywood Developments will soon be bringing a new 12-storey, SMV Architects-designed condominium to Toronto’s West End. Last month, we took a look at Scout Condos‘ amenity spaces—appointed by TACT Architecture‘s interior design wing—and today we’re back for a preview of the TACT-appointed suite interiors.

Scout Condos, Toronto, Graywood, SMV, TACT, St. ClairScout Condos, image courtesy of Graywood Developments

The project is offering 261 suites in a wide variety of unit types and sizes. Standard suite features are set to include 9’ ceiling heights in principal rooms, laminate wood floors, smooth painted ceilings, and neutral colour-painted interior walls. Other features include stacked washer and dryer units as well as individually controlled heating and air conditioning systems.

According to TACT’s Michael Krus, kitchens at Scout will be “more appointed, larger, with some custom elements unique to the project. We’re introducing integrated pantries into these kitchens, part of the kitchen millwork but flows into the living room so the kitchen becomes an extension of the living room. The kitchen isn’t just the kitchen, It will be support.” 

Scout Condos, Toronto, Graywood, SMV, TACT, St. ClairSuite interior, Scout Condos, image courtesy of Graywood Developments

Kitchens at Scout will feature custom-styled kitchen cabinetry in a selection of finishes, quartz countertops, glass tile backsplashes, stainless steel sinks, over-the-range microwaves with built-in exhaust fan, as well as standard appliances and integrated dishwashers.

Bathrooms will include custom-styled bathroom cabinetry in a selection of door finishes, porcelain tile finishes for walls and floors, quartz counters, and a full vanity-width mirror. Other features include white bathroom fixtures, wall-mounted vanity faucet with backsplash, and the choice of a chrome washroom accessories package.

Additional information and images can be found in our database file for the project, linked below. Want to get involved in the discussion? Check out the associated Forum thread, or leave a comment in the field provided at the bottom of this page.

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To request more info directly from Scout Condos click here

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Costco-style membership for hay aims to modernize handshake deals

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Cindy Wilinski says 100 years ago if you needed to buy hay for your livestock you tracked down a local farmer, by phone or in person, made a deal and hoped the product was as good as advertised.

She said nothing much has changed today, except now it might be purchased via an email or over text message.

“It’s still the old handshake kind of deal and hope you don’t get ripped off,” said Wilinsky, who owns an equine training and breeding facility near Okotoks.

Wilinsky said she first got the idea of bringing the hay business into the 21st century after a drought in 2015 left a lot of people scrambling to find hay. At that time she started a Facebook hay-sourcing group called the Haylist — a database that amassed more than 7,000 members — where people could list hay for sale, request hay and list trucking services.

The Haylist is still going but Wilinski felt she could do more to help livestock owners find good quality, affordable hay from a credible and trustworthy source. That led to the creation of the Haybank, a Costco-style membership business she launched in the fall.

And, the response has been overwhelming.

“We literally ran out of all the hay we had lined up that was on the yard as well as what was coming.”

Those who sign up pay an annual $500 membership fee, plus the cost of the hay they purchase and transportation if needed. (Contributed)

Rather than the handful of memberships she expected, 83 people signed up within weeks, including Priddis-area rancher, Danny Lansdowne.

“This year hay is all over the map and I can’t afford the $200, or $180 [per bale],” said Lansdowne, who purchased hay for his five horses and cows.

“It’s a blessing.”

Wilinski attributes the higher than expected demand to a prolonged drought pushing up the price of hay, while any lower priced hay is being snatched up, and in some cases, she says, it’s being turned around and sold at a higher price.

“You know it’s just one of those things that turns your stomach.”

Those who sign up pay an annual $500 membership fee, plus the cost of the hay they purchase and transportation if needed.

The fees allow Wilinski to purchase bulk amounts of hay, in some cases entire crops,  and keep the transportation costs down. She’s sourced hay as far east as Ontario, and south to Montana.

“The problem has always been in making the trucking affordable so it’s not landing here being priced higher than what they need locally for it,” she said.

From the feedback Wilinski’s received so far, she says people are appreciative of having a secure way to buy hay.

“And you’re not sending an e-transfer to somebody you’ve never met for hay you’ve never seen.”

Wilinski said she tests the quality of the hay once it arrives, and only after she confirms the amount and quality does she put it up for sale.

In the months since opening the Haybank Wilinski says she’s managed to work out some of the kinks, address some of the growing pains and put a more balanced system in place.

“(We’re) just trying to make sure everybody gets the feed they need for this winter,” she said. “Because by the looks of things so far we’re going to have another year that’s not looking so grand unless we get an awful lot of rain or some late snow.”

Wilinski said she’s already heard from people who want to invest in her business and hopes to get more trucks rolling in order to service her customers even better.

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Excavation Progressing at Waterfront Innovation Centre Site

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It has been four months since September when Menkes Developments marked the start of construction for the Waterfront Innovation Centre in Toronto’s East Bayfront area. Shoring activity that began the first stage is now wrapping up, and excavation has now begun for the new 12-storey, 400,000 ft², Sweeny &Co Architects-designed office development.

Waterfront Innovation Centre, Menkes, Sweeny &Co Architects, TorontoShoring at the west side of the Waterfront Innovation Centre site, image by Forum contributor Full Metal Junkie

The site is bisected by a short north-south stretch of Dockside Drive. Shoring activity is now proceeding on the smaller footprint of the western portion, where a drilling rig (above) continues to bore holes for the site’s caisson wall shoring system. Meanwhile, excavation is now progressing on the much larger eastern portion east of the road (below).

Waterfront Innovation Centre, Menkes, Sweeny &Co Architects, TorontoExcavation for the Waterfront Innovation Centre site, image by Forum contributor Full Metal Junkie

Crews are digging to a three-storey depth for the building’s underground garage, to hold 197 spaces. The dig is furthest along just east of Dockside Drive, where the pit has been excavated roughly two levels deep so far, and requiring a horizontal drilling rig to install a first row of tiebacks to anchor the shoring walls to the surrounding earth.

Waterfront Innovation Centre, Menkes, Sweeny &Co Architects, TorontoExcavation for the Waterfront Innovation Centre site, image by Forum contributor Full Metal Junkie

Tieback drilling has since progressed to the east end of the site, closest to Knapp Lane. The image below shows the horizontal drilling rig used for tiebacks sitting idle, while tubes for the site’s de-watering drape over the fence.

Waterfront Innovation Centre, Menkes, Sweeny &Co Architects, TorontoHorizontal drilling rig at the Waterfront Innovation Centre site, image by Forum contributor Full Metal Junkie

The project—part of a larger regeneration of the area overseen by Waterfront Toronto—is targeting a 2021 completion date, set to house at least 2,000 workers upon opening. WPP will be the building’s lead tenant, with the the Canadian head offices for the multinational e-commerce, advertising, online media, public relations, communications, and branding services giant to occupy 260,000 square feet of the building.

You can get more information about and see more renderings of the Waterfront Innovation Centre in our database file, linked below. You can get in on the discussion in our associated Forum thread, or leave a comment in the space provided on this page.

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UrbanToronto has a new way you can track projects through the planning process on a daily basis. Sign up for a free trial of our New Development Insider here.


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